33 Bernard Road, Cromer, Norfolk NR27 9AW

Description

High yielding freehold residential investment comprising two maisonettes let producing £16,800 pa This four storey mid terrace property with sea views extends to around 148 sq/m. It was converted in the 1980s into two self contained two bedroom maisonettes and they are let producing £16,800 pa. Flat 1 is a two bedroom maisonette with accommodation on the basement and ground floor accessed from the rear let to a long established tenant on an assured periodic tenancy dated 5th November 2014 at £700 pcm (£8,400 pa). Flat 2 is a two bedroom maisonette on the first and second floor accessed from the front let to an established tenant on an assured periodic tenancy dated 22nd November 2019 at £700 pcm (£8,400 pa). Both are double glazed and have gas central heating. This high yield makes it an attractive buy to let investment opportunity. First time to market in almost 30 years.

Location

33 Bernard Road, Cromer, Norfolk NR27 9AW. Located in the NR27 postcode district. Verify exact position, access, local demand and comparable evidence before bidding.

Investment Analysis

Investment Snapshot

Strategy Recommendation

Initial strategy: Development. Set the maximum bid only after reviewing condition, legal pack, finance, rents and sold evidence.

Works Required

Obtain a survey and contractor quotations. Allow for services, compliance, decoration and any structural, roofing, damp, kitchen, bathroom, external or development works identified.

Rental & Market Context

HB rental/value figures are indicative appraisal estimates and should be checked against current local letting and sold evidence.

Sold within approximately 5 miles

Check recent Land Registry transactions and closely matched local comparables for property type, size, tenure and condition.

Potential BRRR Position

Refinance potential depends on the completed condition, lender valuation, tenure and rental stress testing; development/commercial assets require specialist lender criteria.

Flip Analysis

Any resale margin must include SDLT, auction/legal fees, finance, holding costs, professional fees, contingency, selling costs and tax.

Investor Risks & Due Diligence

• Read the full legal pack and special conditions

• Verify tenure, occupancy, planning and title restrictions

• Inspect condition and obtain contractor quotations

• Confirm finance and insurance availability

• Verify rents and recent sold comparables

• Allow for buyer premium, administration charges and disbursements

Recommendation

Proceed only where verified total project cost supports the intended development strategy with adequate contingency.

Strategy Rating

Development: ★★★★☆ | Resale: ★★★★☆ | Buy-to-Let: ★★☆☆☆